They say you get what you pay for, and in real estate, this sentiment definitely applies. Popular school districts, prime locations, fancy amenities…these things will cost you top dollar. But, do you really need to pay for them?

Here are some “valuable” home features that may actually be a waste of money.

A large yard
A beautiful, sprawling yard is an attractive selling point for many house hunters. If you love to entertain outdoors or have pets or kids, it may be well worth the higher price you’ll pay. But, if you’re lacking a green thumb, or simply don’t have time for constant upkeep, you could be wasting cash.

“It seems like there is a growing population of buyers who recognize that large yards are not for them,” said REALTOR® Emily Lott with Coldwell Banker Hubbell BriarWood. “They will either cost you a lot of time or money to keep up, and unless someone really enjoys that type of work, it’s best to get something smaller.”

A top school district
A home in a desirable district will always go for top dollar. But, if you’re an empty nester or don’t plan on having kids, do you need to pay the higher price? Lott says there are two ways to look at this.

“Even if you don’t utilize the schools, being in a popular district can be a benefit from a resale perspective,” she said. “On the other hand, you’ll not only pay a higher list price, but taxes will also be higher. You’ll have to weigh the pros and cons and decide what makes financial sense.”

A bigger home
It’s easy to be wowed by large homes with lots of living space. But, be careful you don’t end up with too much house. More square footage typically means more expenses – higher mortgage payments and taxes, and more money spent on utilities and maintenance.

“Some larger homes are actually spending more days on market because many of today’s buyers are looking for more manageable sized homes,” said Lott. “Unless you’re going to utilize all the space, a big home may not be right for you.”

A single-story home
Because of their popularity and construction costs, homes all on one level typically command a higher sales price. Remember, two of the most expensive parts of a house are the roof and foundation. A two-story home with the same square footage as it’s one-story neighbor will have half the roofing and foundation costs. So, if you have no objection to walking up and down a flight of stairs, you may get more bang for your buck with a two-story option. 

Plush amenities
Special features like a four-car garage, a wine cellar, or a decked-out pool are upgrades that can increase a purchase price. But, these amenities appeal to specific buyers, and unless you’ll get regular use of out them, it’s probably not worth the money.

 “I’ve had clients who were set on condo living because of the low-maintenance appeal, especially when it comes to lawn care,” said Lott. “But, if that’s important to you, keep in mind you can sometimes purchase a single-family home and hire out lawn care for less than you’ll spend on a condo with the high dues.”

To help ensure your next home purchase is a successful one, be sure to enlist the help of a local, experienced REALTOR®. A professional agent will guide you through your search and provide knowledgeable and timely market research to help secure your dream home, without overpaying.   

For a list of professional REALTORS®, visit the Greater Lansing Association of REALTORS® website at www.lansing-realestate.com.